Third quarter 2026
Report | Odfjell SE
4 November, 2026
Third quarter 2026 reportHighlights - 3Q26
Odfjell's strong safety performance continued in 3Q26.
Time charter earnings ended at USD 192 million, compared to USD 195 million in 2Q26.
TCE per day for the quarter was USD 27,892 versus USD 29,486 in 2Q26, reflecting softer spot markets compared to the peak early in the previous quarter.
EBIT of USD 59 million, compared to USD 69 million in 2Q26.
Net result contribution from Odfjell Terminals of USD 2.2 million, versus USD 1.8 million in 2Q26.
Group net result of USD 40 million in 3Q26, compared to USD 54 million in the previous quarter. Adjusted net result amounted to USD 43 million, compared to USD 56 million in 2Q26.*
The carbon intensity (AER) of our controlled fleet was 6.9 in 3Q26, the same as the previous quarter.
Odfjell took delivery of three newbuildings in 3Q26, one owned 26,000 dwt vessel and two newbuildings on long-term time charter.
After quarter end, Odfjell concluded the sale of two 15-year-old coated chemical tankers and committed to long-term contracts for two additional stainless steel super-segregators.
Key figures
(USD mill, unaudited) | 4Q25 | 1Q26 | 2Q26 | 3Q26 | 3Q25 | FY25 |
Time charter earnings | 168.2 | 167.0 | 195.0 | 192.1 | 173.3 | 683.3 |
Total opex, TC, G&A | (81.1) | (88.9) | (85.8) | (89.5) | (78.6) | (314.8) |
Net result from JV's | 1.8 | 2.8 | 2.2 | 2.8 | 2.6 | 9.2 |
EBITDA | 88.9 | 81.0 | 111.3 | 105.5 | 97.3 | 377.6 |
EBIT | 52.6 | 45.6 | 68.8 | 58.9 | 59.0 | 224.6 |
Net financial items | (14.4) | (13.0) | (15.1) | (18.0) | (15.3) | (67.7) |
Net result | 38.0 | 32.1 | 53.5 | 40.4 | 42.8 | 155.3 |
EPS* | 0.48 | 0.41 | 0.68 | 0.51 | 0.54 | 1.96 |
ROE** | 16.0% | 11.1% | 22.4% | 16.3% | 17.5% | 16.7% |
ROCE** | 11.7% | 9.2% | 14.5% | 12.0% | 12.8% | 12.1% |
* Based on 79.1 million outstanding shares
"I am pleased with our solid performance in a volatile market. We maintained strong time charter earnings while successfully deploying three additional vessels during the quarter.
Global seaborne chemical volumes remain below pre-conflict levels, but vegoil and biofuel volumes compensate. This, combined with strengthening MR tanker earnings and therefore near-zero swing tonnage, supported chemical freight rates.
Regular trading patterns continue to be disrupted. We expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter".
CEO Harald Fotland, Odfjell SE
** Ratios are annualized
* 2Q26 net result and adjusted net result includes in total USD 6.9 million related to an Odfjell Tankers' customer settlement following a favorable outcome of a recent arbitration. 2
Result developmentProfit and loss
Reported time charter earnings were USD 192 million in 3Q26, slightly down from 2Q26. Gross revenues were down USD 8 million, while voyage expenses decreased by USD 5 million. The decrease in gross revenue reflects lower freight rates on average for the quarter compared to 2Q26, countered by more revenue days with the delivery of three new vessels during 3Q26.
TCE per day was USD 27,892 in 3Q26 and cash break-even per day was USD 20,874, compared to USD 21,804 in 2Q26. The decrease in cash break-even per day was primarily driven by more commercial revenue days and less dry docking cost during the quarter.
Time charter expenses decreased from the previous quarter, whereas total operating expenses and G&A expenses increased. EBIT ended at USD 59 million, down from USD 69 million in 2Q26.
Odfjell Terminals' net result contribution was USD 2.2 million, versus USD 1.8 million in 2Q26.
The net result for 3Q26 was USD 40 million, a decrease of USD 13 million from 2Q26. Adjusted for non-recurring items, the result was USD 43 million, compared to USD 56 million in 2Q26.
Balance sheet and cash flow
Odfjell's cash balance was USD 166 million at the end of 3Q26. Committed undrawn facilities were USD 212 million, bringing total available liquidity to USD 378 million. Cash flow from operations was USD 85 million in 3Q26 versus USD 81 million in the previous quarter. This increase was primarily due to stable development in working capital in 3Q26.
In September, a dividend of USD 41 million was paid out related to adjusted net result for 1H26.
Interest bearing debt increased by USD 25 million, as new debt was drawn for the financing of Bow Pluto, the 26,000 dwt newbuilding. Debt, right of use assets, increased by USD 51 million, including the delivery of two new vessels on long term time charter.
After the end of 3Q26, Odfjell entered into an agreement to sell two vessels, Bow Elm and Bow Lind. The transaction will result in a capital gain of USD 9.6 million and a net positive cash effect of approximately USD 35 million. The vessels are scheduled for delivery between 4Q26 and early 1Q27.
Key figures (USD mill) | 31.03.26 | 30.06.26 | 30.09.26 | 30.09.25 |
Cash and available-for -sale investments | 131.3 | 165.3 | 165.9 | 135.9 |
Interest bearing debt1 | 747.7 | 733.6 | 758.6 | 751.0 |
Debt, right of use assets | 298.5 | 335.2 | 386.1 | 240.8 |
Net debt | 914.8 | 903.5 | 978.9 | 855.8 |
Available drawing facilities | 226.7 | 219.4 | 212.0 | 170.0 |
Total equity | 983.9 | 1,030.1 | 1,043.5 | 957.2 |
Equity ratio | 46.1% | 46.1% | 45.1% | 46.6% |
Equity ratio in covenants (IFRS 16 Adj.) | 53.9% | 54.6% | 54.4% | 53.1% |
3Q26
EBIT
versus
2Q26
EBIT
68.8
2.7
0.6
(2.8)
(3.4)
(1.5)
(4.1)
(1.4)
(USDm)
2Q26
TCE TC Exp. Opex JV Net G&A Depreciation Other 3Q26
result & Capital operating gain income
58.9
1 Excluding debt and adjustments related to right of use of assets, negative value 3
derivatives USD bond, and capitalized transaction expenses
Chemical TankersOdfjell lifted 3.6 million tonnes in 3Q26, an increase of 14% compared to the previous quarter. The increase is due to a combination of vessel deliveries and increased spot volumes, reflecting effective deployment of the additional tonnage. Our Contract of Affreightment (COA) share concurrently fell to 42% from 46% in the previous quarter due to unavailable Middle East Gulf export volumes. Meanwhile, 26% of our volumes in 3Q26 were CPP, vegoil, and biofuels, well above our historical average. Global seaborne exports of chemicals fell slightly in the quarter, but this was more than compensated for by increased CPP, vegoil, and biofuel, leading to a total volume increase of 5%.
The situation around the Hormuz and Bab el-Mandeb straits remains highly unstable, resulting in increasingly severe consequences for both crews and vessels. Odfjell does not transit either strait.
Spot chemical freight markets meanwhile continue to be volatile. After falling in the second quarter, 3Q26 saw rates move sideways before an uptick at the end of the quarter. This coincides with historically high earnings in the VLCC segment, in turn supporting smaller tanker segments. These developments support chemical tanker earnings.
TCE per day ended at USD 27,892 in 3Q26, down from USD 29,486 in the previous quarter. There were no contract renewals in the quarter.
Commercial revenue days for our chemical tankers ended at 6,864 in 3Q26, which was 455 days higher than the previous quarter. This is explained by vessel deliveries and reduced off-hire.
We took delivery of three stainless steel vessels in the quarter. Bow Pluto (26,000 dwt) is owned by Odfjell, while Bow Fortitude (25,000 dwt) and the super-segregator Bow Tanaka (40,000 dwt) were delivered on long-term time charter.
Our total orderbook at quarter end stood at 18 vessels, four of which are super-segregators to be owned by Odfjell. After quarter end, Odfjell concluded arrangements for two additional Kitanihon vessels (stainless steel, 40,000 dwt), to be delivered on long-term time charter in 2029. We also concluded the sale of two 15 year old coated chemical tankers.
All 3Q26 safety and operational KPIs remained well within targets.
ODFIX vs Clarksons chemical tanker spot earnings index
Odfix index
Odfix average 2013 - 2026 Clarksons Spot TCE Index Clarksons average 2013 - 2026
-8.5%
-18.9%
Chemical tanker spot earnings index (midcycle = 100)
Key result drivers | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 |
TCE/day (USD) | 28,174 | 27,978 | 27,232 | 29,486 | 27,892 |
Quarterly cash break-even per day (USD) | 22,054 | 21,817 | 22,984 | 21,804 | 20,874 |
Total volumes carried (Million tonnes)* | 3,5 | 3,4 | 3,2 | 3,2 | 3,6 |
- COA volumes | 2,0 | 1,9 | 1,4 | 1,5 | 1,5 |
- Spot volumes | 1,5 | 1,4 | 1,8 | 1,7 | 2,1 |
Total calendar vessel days | 6,542 | 6,386 | 6,386 | 6,646 | 6,970 |
Commercial revenue days | 6,401 | 6,262 | 6,114 | 6,409 | 6,864 |
Off-hire days | 134 | 125 | 271 | 237 | 106 |
Fleet (number of vessels / dwt. million) | 70/2.5 | 70/2.5 | 73/2.6 | 74/2.6 | 77/2.7 |
240
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180
160
140
120
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60
2013 2015 2017 2019 2021 2023 2025
* Sub-categories may not add up to total volume due to rounding 4
Tank TerminalsOperations and financial results
The portfolio's average commercial occupancy was 95% in 3Q26, compared with 96% in 2Q26. Throughput increased by approximately 5% quarter-on-quarter.
In the U.S., occupancy improved towards the end of the quarter and throughput remained high. In Europe, our Antwerp terminal continued to operate at near-full occupancy, despite ongoing disruptions to Middle East Gulf-linked trade flows reducing throughput from selected product streams. In Korea, the terminal performed well despite challenging market conditions in the region, also driven by Middle East Gulf disruptions.
The EBITDA (Odfjell share) was USD 11.3 million in 3Q26, compared with USD 10.7 million in 2Q26, mainly driven by lower operating expenses.
The net result (Odfjell share) was USD 1.9 million, compared with USD
1.3 million in 2Q26.
Looking ahead to 4Q26, overall performance is expected to remain broadly stable. There are signs of increased activity in the U.S. and Europe as trade flows adjust to the disruptions in the Middle East Gulf, while market conditions in Korea are likely to remain challenging in the near term.
As disclosed in the 2Q26 report, the Delaware Court of Chancery ruled in Odfjell's favor on all five counts brought by Northleaf Capital Partners (Northleaf), Odfjell's 49% partner in Odfjell Terminals US (OTUS).
Northleaf has appealed the decision to the Delaware Supreme Court. Odfjell has cross-appealed, maintaining that the LLC Agreement required Odfjell's approval for Northleaf to seek dissolution of OTUS. OTUS continues to operate as normal, and Odfjell remains a committed long-term owner.
Capital expenditure and expansions
At Odfjell Terminals Korea (OTK), E5 came onstream early 4Q26, completed on schedule and within budget. The project adds ten carbon steel tanks with a total capacity of 87,940 cbm.
Work on the refurbishment of OTK's second jetty is progressing on budget and schedule. Upon completion, scheduled for 3Q27, the refurbished jetty will enhance OTK's operational flexibility, efficiency, and strategic value to customers.
The construction of Tankpit-S at Noord Natie Odfjell Antwerp Terminal (NNOAT) is progressing on budget and schedule. The project will add 18 duplex stainless steel tanks with a total capacity of 36,000 cbm, scheduled to be operational in 1Q27. This will increase NNOAT's capacity to approximately 540,000 cbm.
All CAPEX is locally funded within the respective joint ventures.
Odfjell Terminals key figures (Odfjell share) | 4Q25 | FY25 | 1Q26 | 2Q26 | 3Q26 | 3Q25 YTD26 | |
Gross revenues | 22.9 | 90.2 | 22.5 | 22.4 | 22.4 | 22.9 | 67.3 |
Odfjell Terminals US (OTUS) EBITDA | 6.7 | 27.4 | 6.8 | 6.7 | 7.2 | 7.2 | 20.7 |
Odfjell Terminals Korea (OTK) EBITDA | 1.3 | 6.0 | 1.4 | 1.5 | 1.4 | 1.5 | 4.3 |
Noord Natie Odfjell (NNOAT) EBITDA | 2.6 | 10.0 | 2.8 | 2.8 | 2.8 | 2.9 | 8.4 |
Total Odfjell Terminals EBITDA* | 7.9 | 32.5 | 10.6 | 10.7 | 11.3 | 9.3 | 32.6 |
EBIT | 1.6 | 7.5 | 4.4 | 3.8 | 4.7 | 2.8 | 12.9 |
Net financials | (1.7) | (5.8) | (1.9) | (1.8) | (1.9) | (1.8) | (5.5) |
Net results | (1.0) | (1.6) | 1.8 | 1.3 | 1.9 | 0.1 | 4.9 |
Net debt | 101.8 | 101.8 | 104.9 | 103.8 | 107.6 | 100.2 | 107.6 |
Commercial average occupancy rate (%) | 96.0 | 95.7 | 93.9 | 95.5 | 94.6 | 95.2 | 94.6 |
Commercial available capacity (1,000 cbm) | 1,294 | 1,294 | 1,307 | 1,299 | 1,303 | 1,287 | 1,303 |
*Including corporate and nonrecurring items.
5
Sustainability3Q26
Previous quarter
Same q. last year
FY 2025** FY 2024**
Odfjell's CII* development
Wind-assisted propulsion
Controlled fleet | 6.9 | 6.9 | 6.8 | 6.8 | 7.1 | on operational experience gained from Bow Olympus. In addition, all |
Operated fleet | 7.3 | 7.3 | 7.3 | 7.2 | 7.4 | ten 40,000 dwt Kitanihon newbuildings to be operated by Odfjell will be |
Odfjell has signed a contract with bound4blue to retrofit Bow Optima with suction sails, with installation planned for 2Q27. This will be Odfjell's second retrofit of an existing vessel with suction sails, building
Controlled fleet includes owned, financial lease, and bareboat. Operated fleet includes all vessels operated by Odfjell Tankers.
Disruptions and security risks in the Strait of Hormuz and Bab el-Mandeb continue to affect Odfjell's trading patterns, resulting in vessel rerouting and reduced operational efficiency. Odfjell's carbon emissions are broadly unchanged from the previous quarter but are 1.5% above the level recorded before the disruptions in the Strait of Hormuz.
Climate adaptation
El Niño is strengthening and is expected to intensify through the end of 2026, increasing both drought and flood risks in affected regions. We closely monitor water levels in Gatun Lake and operating conditions in the Panama Canal. El Niño currently has no material impact on Odfjell's operations.
equipped with suction sails.
Sustainability award
Odfjell was recognized with the Bronze award in the Enterprise of the Year category at the Sustainability Awards, a cross-industry event hosted by Sustainability Live in September. We are pleased to see that our decarbonization efforts are recognized also outside the maritime segment.
Carbon intensity and IMO baseline, Odfjell-controlled fleet
15.0
- 54.0%
6.8 6.9
Odfjell IMO 2008 baseline AER 2025 AER 3Q26
*Carbon Intensity Indicator (CII) is calculated using the Annual Efficiency Ratio. AER: Unit grams of CO2 per tonne-mile (gCO2/dwt-nm). The AER will on a quarterly basis be sensitive to seasonal variations on factors like temperature, weather and port congestion. The figures should be regarded as preliminary and will be reviewed by a 3rd party once a year.
**Weighted average based on total full-year emissions/tonne mile
Note: AER in the chart above refers to controlled fleet, including Flumar. The Odfjell IMO baseline refers to a calculated baseline based on 2019 data in accordance with IMO guidance. AER is calculated iaw.
IMO regulations as per Marpol Annex VI regulation 2.49, and document MEPC.336 (76), MEPC.337 (76), MEPC.338 (76), MEPC.339 (76) and represents the IMO Carbon Intensity Index (CII)
6
ProspectsMarket outlook
Freight rates in 3Q26 found a floor well above pre-conflict levels in the Middle East Gulf and turned positive towards the end of the quarter.
This occurs despite chemical exports in the third quarter ending 22% below the same quarter in 2025. Several factors contribute to this apparent anomaly, including that vegoil volumes grew 12% in the same period, directly offsetting part of the effect.
Also, CPP and vegoil/bio volumes are increasingly split up into intermediate parcels, which is beneficial for chemical parcel tankers. This happens at the same time as LR and MR tonnage has become significantly more expensive following development in the crude segment, where owners currently obtain earnings at levels never seen before. Larger LR tankers increasingly leave CPP trades for crude and this cascades down to the MR product tankers.
The booming tanker market is apparent also in the S&P market, where a five year old MR tanker now commands a premium versus ordering a new vessel directly from the yard. This has not been seen for many years, and signals that record earnings are not expected to continue long term.
The U.S. has recently indicated a willingness to allow shadow fleet vessels back into the legitimate fleet, but it remains unclear how this will impact shipping markets. Since the shadow fleet consist of mostly older vessels, many of which in questionable condition, and since European sanctions are unlikely to be eased, it remains unlikely that we will see a wave of shadow fleet tankers entering compliant trades in the near term.
On the supply side, new chemical tanker deliveries are adding to capacity, particularly in the medium-sized vessel segment. The orderbook continues to decline with vessel deliveries and few new orders. The orderbook now represents approximately 18% of the existing fleet in our core segment, with Odfjell accounting for around 14% of this.
Recycling is expected to increase as the fleet ages. While insufficient to offset scheduled deliveries in the near term, a high number of recycling candidates provides a buffer should markets soften.
Guidance
Lower global seaborne exports of chemicals and high fleet growth in chemical tanker segments are key risks. Our earnings early in 3Q26 were built on strong spot markets in 2Q26, but freight rates then stabilized at a lower level for a period. Recent positive signals are on the back of inefficiencies, disruptions, and significant risk premiums contributing to strong crude and product tanker earnings. In 4Q26, Odfjell has a larger fleet and expect increased docking activity and a slightly higher cost base compared to 3Q26.
The market uncertainty remains high, and the outlook will change as the conflict in the Middle East Gulf develops.
Odfjell Terminals anticipates overall stable underlying results in 4Q26.
Regular trading patterns continue to be disrupted. We expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter.
Bergen, November 4, 2026 THE BOARD OF DIRECTORS, ODFJELL SE
Interim financial information - ODFJELL GROUPCONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method)
(USD mill) | Note | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Gross revenue | 1, 2 | 265.9 | 336.8 | 328.5 | 287.2 | 931.1 | 845.5 |
Voyage expenses | 1, 2 | (98.8) | (141.8) | (136.4) | (107.0) | (377.0) | (310.0) |
Pool distribution | - | - | - | (6.9) | - | (20.4) | |
Time charter earnings | 167.0 | 195.0 | 192.1 | 173.3 | 554.1 | 515.1 | |
Time charter expenses | (15.2) | (14.4) | (11.7) | (8.0) | (41.3) | (15.1) | |
Operating expenses | 8 | (53.4) | (54.6) | (58.0) | (50.6) | (166.0) | (156.7) |
Gross result | 98.4 | 126.0 | 122.4 | 114.6 | 346.8 | 343.3 | |
Share of net result from associates and joint ventures | 5 | 2.8 | 2.2 | 2.8 | 2.6 | 7.9 | 7.4 |
General and administrative expenses | (20.3) | (18.2) | (19.8) | (20.0) | (58.2) | (61.9) | |
Other operating income / expense | 10 | - | 1.4 | - | - | 1.4 | - |
Operating result before depreciation, amortization and capital gain (loss) on non- | |||||||
current assets (EBITDA) | 81.0 | 111.3 | 105.5 | 97.3 | 297.8 | 288.8 | |
Depreciation and amortization | 4, 7 | (40.1) | (41.7) | (46.2) | (39.3) | (128.1) | (120.0) |
Impairment of ships, property, plant and equipment | 4 | - | - | - | - | - | - |
Capital gain (loss) | 4 | 4.8 | (0.9) | (0.4) | 1.1 | 3.5 | 3.3 |
Operating result (EBIT) | 45.6 | 68.8 | 58.9 | 59.0 | 173.3 | 172.1 | |
Interest income | 1.0 | 2.9 | 1.5 | 1.4 | 5.4 | 3.8 | |
Interest expenses | 9 | (15.3) | (16.7) | (17.8) | (17.0) | (49.9) | (54.8) |
Other financial items | 6 | 1.2 | (1.2) | (1.6) | 0.3 | (1.6) | (2.3) |
Net financial items | (13.0) | (15.1) | (18.0) | (15.3) | (46.1) | (53.3) | |
Result before taxes | 32.6 | 53.7 | 40.8 | 43.8 | 127.1 | 118.8 | |
Income tax expense | (0.5) | (0.2) | (0.5) | (0.9) | (1.1) | (1.5) | |
Net Result | 32.1 | 53.5 | 40.4 | 42.8 | 126.0 | 117.3 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method)
(USD mill) | Note | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Net other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||||||
Net changes in cash-flow hedges | 1.2 | (6.0) | 9.1 | (1.9) | 4.3 | 3.2 | |
Translation differences on investments of foreign operations | (0.3) | 0.2 | (0.1) | - | (0.2) | - | |
Share of comprehensive income on investments accounted for using equity method | (3.0) | (1.0) | 5.2 | (1.7) | 1.2 | 6.3 | |
Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | |||||||
Net actuarial gain/(loss) on defined benefit plans | - | - | - | - | - | - | |
Other comprehensive income | (2.1) | (6.8) | 14.3 | (3.6) | 5.4 | 9.4 | |
Total comprehensive income | 30.1 | 46.7 | 54.7 | 39.2 | 131.4 | 126.7 | |
Earnings per share (USD) - basic/diluted 0.41 0.68 | 0.51 | 0.54 | 1.59 | 1.48 | |||
Net result and total comprehensive income is allocated 100% to the owners of the parent.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method)
(USD mill) | Note | 31.03.26 | 30.06.26 | 30.09.26 | 30.09.25 | 31.12.25 |
Deferred tax assets | 1.8 | 2.0 | 2.0 | 2.1 | 2.0 | |
Ships | 4 | 1,297.6 | 1,305.8 | 1,270.6 | 1,310.2 | 1,277.3 |
Property, plant and equipment | 4 | 6.8 | 7.4 | 7.1 | 7.2 | 6.9 |
Right-of-use assets | 7 | 285.7 | 321.0 | 370.0 | 229.6 | 227.0 |
Investments in associates and joint ventures | 5 | 182.8 | 180.9 | 186.4 | 173.0 | 182.9 |
Derivative financial instruments | 5.2 | 4.2 | 9.7 | 2.7 | 1.6 | |
Non-current receivables | 11.8 | 12.7 | 14.5 | 11.0 | 10.9 | |
Total non-current assets | 1,791.7 | 1,834.1 | 1,860.3 | 1,735.9 | 1,708.6 | |
Current receivables | 147.1 | 166.9 | 168.2 | 133.9 | 130.5 | |
Bunkers and other inventories | 41.6 | 60.3 | 60.4 | 40.5 | 36.8 | |
Derivative financial instruments | 4.9 | 2.0 | 5.4 | 5.3 | 3.4 | |
Cash and cash equivalents | 3 | 131.3 | 165.3 | 165.9 | 135.9 | 148.6 |
Assets classified as held for sale | 4 | 17.9 | 4.1 | 55.9 | - | 8.0 |
Total current assets | 342.8 | 398.6 | 455.9 | 315.6 | 327.2 | |
Total assets | 2,134.5 | 2,232.7 | 2,316.2 | 2,051.5 | 2,035.8 | |
Equity | 983.9 | 1,030.1 | 1,043.5 | 957.2 | 992.7 | |
Non-current interest-bearing debt | 3 | 682.6 | 659.7 | 684.2 | 606.9 | 564.7 |
Non-current debt, right-of-use assets | 7 | 241.7 | 272.5 | 318.8 | 161.2 | 161.8 |
Derivatives financial instruments | - | 3.9 | - | - | - | |
Due to associates and joint ventures | 4.0 | 4.0 | - | - | 4.0 | |
Other non-current liabilities | 7.1 | 7.3 | 7.6 | 15.3 | 7.2 | |
Total non-current liabilities | 935.4 | 947.4 | 1,010.6 | 783.4 | 737.7 | |
Current portion interest-bearing debt | 3 | 65.1 | 73.9 | 74.5 | 144.1 | 139.7 |
Current debt, right-of-use assets | 7 | 56.7 | 62.7 | 67.3 | 79.6 | 77.0 |
Derivative financial instruments | 0.2 | - | - | - | - | |
Other current liabilities | 93.2 | 118.6 | 120.3 | 87.3 | 88.7 | |
Total current liabilities | 215.2 | 255.2 | 262.1 | 311.0 | 305.4 | |
Total equity and liabilities | 2,134.5 | 2,232.7 | 2,316.2 | 2,051.5 | 2,035.8 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Figures based on equity method)
(USD mill) | Paid in equity | Exchange rate differences | Cash-flow hedge reserves | Pension remeasure -ment | OCI associates and JVs | Retained equity | Total other equity | Total equity |
Equity per January 1, 2025 | 199.2 | 0.2 | 1.7 | 1.3 | (0.5) | 727.9 | 730.6 | 929.8 |
Other comprehensive income | - | - | 1.2 | 0.5 | 5.2 | - | 6.9 | 6.9 |
Net result | - | - | - | - | - | 155.3 | 155.3 | 155.3 |
Dividend payment | - | - | - | - | - | (99.7) | (99.7) | (99.7) |
Sale of treasury shares 1) | - | - | - | - | - | 0.6 | 0.6 | 0.6 |
Equity per December 31, 2025 | 199.2 | 0.2 | 2.9 | 1.7 | 4.8 | 784.0 | 793.5 | 992.7 |
Equity per January 1, 2026 | 199.2 | 0.2 | 2.9 | 1.7 | 4.8 | 784.0 | 793.5 | 992.7 |
Other comprehensive income | - | (0.2) | 4.3 | - | 1.2 | - | 5.4 | 5.4 |
Net result | - | - | - | - | - | 126.1 | 126.1 | 126.1 |
Dividend payment | - | - | - | - | - | (81.0) | (81.0) | (81.0) |
Sale of treasury shares 1) | - | - | - | - | - | 0.6 | 0.6 | 0.6 |
Other adjustments | - | - | - | - | - | (0.3) | (0.3) | (0.3) |
Equity per September 30, 2026 | 199.2 | - | 7.2 | 1.7 | 6.0 | 829.4 | 844.3 | 1,043.5 |
1) In the third quarter of 2024, Odfjell released a share purchase program for employees. In the first quarter of 2025 15,872 shares were sold to employees for NOK 1.4 million followed by 12,376 shares in the third quarter of 2025 for NOK 1.2 million. In the first quarter of 2026 13,417 shares were sold to employees for NOK 1.3 million, followed by 7,880 shares in the third quarter of 2026 for NOK 0.8 million.
In the second quarter of 2025 senior management received 38,875 shares for a total value of NOK 3.7 million. In the first quarter of 2026 senior management received 34,321 shares for a total value of NOK 4.1 million.
KEY FIGURES IN (Figures based on equity method)
1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 | |
PROFITABILITY | ||||||
Earnings per share (USD) - basic/diluted | 0.41 | 0.68 | 0.51 | 0.54 | 1.59 | 1.48 |
Return on equity 1) | 11.1% | 22.4% | 16.3% | 17.5% | 16.9% | 16.8% |
Adjusted return on equity 3) | 10.5% | 22.6% | 16.5% | 17.4% | 16.7% | 16.7% |
Return on capital employed 1) | 9.2% | 14.5% | 12.0% | 12.8% | 12.1% | 12.3% |
Adjusted return on capital employed 3) | 8.9% | 14.6% | 12.1% | 12.7% | 11.9% | 12.1% |
FINANCIAL RATIOS | ||||||
Average number of outstanding shares (mill) 2) | 79.2 | 79.2 | 79.2 | 79.1 | 79.2 | 79.1 |
Basic/diluted equity per share (USD) | 12.43 | 13.01 | 13.18 | 12.09 | 13.18 | 12.09 |
Share price per A-share (USD) | 12.1 | 10.5 | 13.9 | 12.3 | 13.9 | 12.3 |
Current ratio | 1.6 | 1.6 | 1.7 | 1.0 | 1.7 | 1.0 |
Equity ratio | 46.1% | 46.1% | 45.1% | 46.6% | 45.1% | 46.6% |
IFRS 16 adjusted equity ratio | 53.9% | 54.6% | 54.4% | 53.1% | 54.4% | 53.1% |
USD/NOK rate at period end | 9.79 | 9.95 | 9.59 | 9.96 | 9.59 | 9.96 |
1) Return ratios are based on annualized results, except for non-recurring items that are included in the relevant period.
2) Per end of September 2026 Odfjell holds 39,282 Class A shares and 488,901 Class B shares.
3) Adjusted for non-recurring items.
CONSOLIDATED CASH FLOW STATEMENT (Figures based on equity method)
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Profit before income taxes | 32.6 | 53.7 | 40.8 | 43.8 | 127.1 | 118.8 |
Taxes paid in the period | 0.4 | (0.3) | (1.8) | (0.7) | (1.7) | (1.7) |
Depreciation, impairment and capital (gain) loss fixed assets | 35.3 | 42.5 | 46.7 | 38.2 | 124.5 | 116.7 |
Change in inventory, trade debtors and creditors (increase) decrease | (14.9) | (15.0) | 1.6 | (12.3) | (28.3) | 6.7 |
Share of net result from associates and JV's | (2.8) | (2.2) | (2.8) | (2.6) | (7.9) | (7.4) |
Net interest expenses | 14.3 | 13.8 | 16.4 | 15.5 | 44.5 | 51.0 |
Interest received | 0.9 | 2.9 | 1.5 | 1.5 | 5.2 | 3.9 |
Interest paid | (15.3) | (16.7) | (17.8) | (17.0) | (49.9) | (54.2) |
Effect of exchange differences and changes in derivatives | (2.6) | 0.8 | 0.3 | 0.8 | (1.5) | 0.8 |
Change in other current accruals | 1.8 | 1.0 | 0.1 | 0.2 | 3.0 | 2.1 |
Net cash flow from operating activities | 49.7 | 80.6 | 84.9 | 67.4 | 215.2 | 236.6 |
Sale of ships, property, plant and equipment 1) | 4.7 | 23.2 | (0.4) | 10.0 | 27.6 | 27.3 |
Investment in ships, property, plant and equipment | (25.4) | (44.9) | (43.3) | (9.7) | (113.6) | (32.4) |
Dividend/other from investments in associates and JV's | - | 3.0 | 2.6 | 9.1 | 5.6 | 12.3 |
Investments in joint ventures | - | - | - | - | - | - |
Other non-current receivables and investments | (1.0) | (0.9) | (1.8) | (0.9) | (3.7) | (1.9) |
Net cash flow from investing activities | (21.7) | (19.5) | (42.9) | 8.5 | (84.1) | 5.2 |
New interest-bearing debt (net of fees paid) | 145.0 | - | 32.8 | 33.5 | 177.8 | 359.9 |
Loans from associates and joint ventures | - | - | (4.0) | - | (4.0) | - |
Repayment of interest-bearing debt | (103.1) | (13.0) | (11.8) | (19.5) | (127.9) | (349.9) |
Repayment of lease debt related to right-of-use assets 2) | (47.7) | (14.6) | (17.1) | (47.1) | (79.4) | (163.3) |
Dividend payment | (39.6) | - | (41.4) | (38.0) | (80.9) | (99.7) |
Sale/purchase of treasury shares | 0.1 | 0.4 | 0.1 | 0.1 | 0.7 | 0.6 |
Net cash flow from financing activities | (45.2) | (27.2) | (41.4) | (70.9) | (113.8) | (252.4) |
Effect on cash balance from currency exchange rate fluctuations - - | - | - | - | - | ||
Net change in cash and cash equivalents | (17.3) | 33.9 | 0.6 | 5.0 | 17.3 | (10.6) |
Opening cash and cash equivalents 148.6 131.3 | 165.3 | 131.0 | 148.6 | 146.5 | ||
Closing cash and cash equivalents | 131.3 | 165.3 | 165.9 | 135.9 | 165.9 | 135.9 |
1) Bow Clipper and Bow Oceanic were sold in the first quarter 2025 for total net cash proceeds of USD 17.2 mill. Bow Fagus was sold in third quarter 2025 and Bow Cedar was sold in fourth quarter 2025. Two barges were sold in first quarter 2026. Bow Faith and one newbuilding contract were sold in the second quarter 2026.
2) In the first quarter of 2026, the Group exercised a purchase option for a vessel previously recognized as a right-of-use asset. The transaction was settled as a repayment of the related lease liability.
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTSNote 1 - Accounting principles
Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company's address is Conrad Mohrs veg 29, Bergen, Norway.
Basis of preparation and changes to the Group's accounting policies
The interim consolidated financial statements ended December 31, 2025 for the Odfjell Group and have been prepared in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting". The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at December 31, 2025. The interim financial statements are unaudited.
The accounting principles used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2025.
New accounting standards - IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 and is effective for annual periods beginning on or after 1 January 2027, with retrospective application. Odfjell will apply IFRS 18 from 1 January 2027, and comparative figures for 2026 will be restated.
The Group's implementation work is well advanced. The analysis to date indicates that the main effects for Odfjell will be:
New structure of the income statement: income and expenses will be classified into operating, investing and financing categories, with the new mandatory subtotals "Operating profit" and "Profit before financing and income taxes".
Share of net result from associates and joint ventures will be classified within the investing category, and will therefore no longer be included in operating profit.
Foreign exchange gains and losses and derivatives will be allocated to the category of the related item rather than presented in aggregate as part of other financial items
Management-defined performance measures: based on the analysis performed to date, EBITDA, adjusted EBIT and time-charter earnings have been identified as measures that are expected to meet the definition of management-defined performance measures under IFRS 18. Additional measures may be identified as the implementation work is finalized. The identified measures will be disclosed in a separate note with reconciliations to the most directly comparable IFRS subtotal
IFRS 18 affects presentation and disclosure only and is not expected to affect recognition or measurement, net result, equity or total cash flows. The Group is currently quantifying the effects on the presentation of the 2026 comparative information and expects to provide further quantitative information in its 2026 annual financial statements.
Note 2 - Segment information
Management has determined the operating segments based on the information regularly reviewed by executive management. In accordance with the internal financial reporting, investments in joint ventures are reported by applying the proportionate consolidation method.
The Group has two reportable segments:
Chemical Tankers: The Chemical Tankers segment involves 'round the world' transportation of chemicals with ships. The composition of the ships enables the Group to offer both global and regional transportation. The segment operates the joint venture Odfjell Hakata Maritime AS. The segment also includes corporate entities.
Tank Terminals: The tank terminal segment offers storage and handling of various chemical and petroleum products. The segment is operated through joint ventures owned by the subsidiary Odfjell Terminals BV.
Note 2 - Segment information - continued
Chemical Tankers | Tank Terminals | Total | |||||||||||||
USD mill | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | |||
Gross revenue | 265.4 336.1 | 327.8 | 286.7 | 929.2 | 22.5 22.4 | 22.4 | 22.9 | 67.3 | 287.9 358.0 | 349.8 | 309.6 | 995.7 | |||
Voyage expenses | (98.8) (141.8) | (136.4) | (107.0) | (377.0) | - - | - | - | - | (98.8) (141.8) | (136.4) | (107.0) | (377.0) | |||
Pool distribution | - - | - | (6.9) | - | - - | - | - | - | - - | - | (6.9) | - | |||
TC earnings | 166.5 | 194.3 | 191.4 | 172.8 | 552.2 | 22.5 | 22.4 | 22.4 | 22.9 | 67.3 | 189.0 | 216.2 | 213.4 | 195.6 | 618.6 |
TC expenses | (8.5) (7.0) | (4.1) | (8.0) | (19.7) | - - | - | - | - | (8.5) (7.0) | (4.1) | (8.0) | (19.7) | |||
Operating expenses | (43.5) (41.9) | (40.9) | (41.5) | (126.3) | (7.6) (7.8) | (7.3) | (7.4) | (22.8) | (51.2) (49.7) | (48.3) | (48.9) | (149.1) | |||
Operating expenses - right-of-use assets | (9.9) (12.7) | (17.1) | (9.1) | (39.7) | - - | - | - | - | (9.9) (12.7) | (17.1) | (9.1) | (39.7) | |||
General and administrative expenses | (19.4) (17.2) | (18.9) | (17.1) | (55.6) | (4.2) (3.9) | (3.8) | (6.3) | (11.9) | (23.7) (20.6) | (22.3) | (23.3) | (66.5) | |||
Other operating income / expense | - 1.4 | - | - | 1.4 | - - | - | - | - | - 1.4 | - | - | 1.4 | |||
EBITDA | 85.2 | 116.8 | 110.4 | 97.0 | 312.3 | 10.6 | 10.7 | 11.3 | 9.3 | 32.6 | 95.8 | 127.5 | 121.6 | 106.3 | 344.9 |
Depreciation | (27.0) (25.7) | (27.1) | (26.1) | (79.8) | (6.1) (6.2) | (6.4) | (6.2) | (18.7) | (33.1) (31.9) | (33.5) | (32.3) | (98.5) | |||
Depreciation - right-of-use assets | (19.1) (22.8) | (26.0) | (13.2) | (67.9) | (0.1) (0.1) | (0.1) | (0.1) | (0.4) | (19.2) (22.9) | (26.1) | (13.3) | (68.2) | |||
Capital gain/loss | 4.8 (0.9) | (0.4) | 1.1 | 3.5 | - (0.5) | (0.1) | (0.1) | (0.7) | 4.8 (1.4) | (0.6) | 0.9 | 2.8 | |||
Operating result (EBIT) | 43.9 | 67.4 | 56.8 | 58.8 | 168.1 | 4.4 | 3.8 | 4.7 | 2.8 | 12.9 | 48.3 | 71.2 | 61.5 | 61.5 | 181.0 |
Net interest expense | (10.8) (9.1) | (10.7) | (11.5) | (30.6) | (1.6) (1.6) | (1.7) | (1.7) | (4.8) | (12.3) (10.7) | (12.3) | (13.2) | (35.3) | |||
Interest expense - right-of-use assets | (3.7) (4.8) | (5.8) | (4.0) | (14.3) | - (0.1) | - | - | (0.1) | (3.7) (4.8) | (5.8) | (4.1) | (14.3) | |||
Other financial items | 1.4 (1.2) | (1.6) | 0.3 | (1.4) | (0.3) (0.2) | (0.2) | (0.1) | (0.6) | 1.1 (1.4) | (1.8) | 0.1 | (2.1) | |||
Taxes | (0.5) - | (0.3) | (0.7) | (0.7) | (0.8) (0.8) | (0.9) | (0.9) | (2.5) | (1.2) (0.8) | (1.2) | (1.6) | (3.2) | |||
Net result | 30.4 | 52.3 | 38.5 | 42.7 | 121.1 | 1.8 | 1.3 | 1.9 | 0.1 | 4.9 | 32.1 | 53.5 | 40.4 | 42.8 | 126.0 |
Non current assets | 1,629.8 1,667.0 | 1,681.1 | 1,562.9 | 1,681.1 | 318.6 319.5 | 328.0 | 318.5 | 328.0 | 1,948.4 1,986.6 | 2,009.1 | 1,881.4 | 2,009.1 | |||
Cash and cash equivalents | 127.9 160.8 | 162.2 | 123.4 | 162.2 | 20.6 25.7 | 26.9 | 24.7 | 26.9 | 148.6 186.5 | 189.1 | 148.1 | 189.1 | |||
Other current assets | 195.0 230.1 | 233.2 | 170.1 | 233.2 | 15.0 13.5 | 18.6 | 29.3 | 18.6 | 209.0 243.7 | 251.8 | 197.1 | 251.8 | |||
Assets held for sale | 17.9 4.1 | 55.9 | - | 55.9 | - - | - | - | - | 17.9 4.1 | 55.9 | - | 55.9 | |||
Total assets | 1,970.6 | 2,062.1 | 2,132.3 | 1,856.4 | 2,132.3 | 354.2 | 358.7 | 373.4 | 372.5 | 373.4 | 2,323.8 | 2,420.8 | 2,505.8 | 2,226.6 | 2,505.8 |
Equity | 803.6 849.3 | 855.6 | 766.7 | 855.6 | 180.4 180.7 | 188.0 | 190.5 | 188.0 | 983.9 1,030.1 | 1,043.5 | 957.2 | 1,043.5 | |||
Non-current interest-bearing debt | 682.6 659.7 | 684.2 | 606.9 | 684.2 | 121.9 27.1 | 32.0 | 121.6 | 32.0 | 804.5 686.8 | 716.2 | 728.4 | 716.2 | |||
Non-current debt, right-of-use assets | 241.7 272.5 | 318.8 | 161.2 | 318.8 | 1.6 1.5 | 1.5 | 1.5 | 1.5 | 243.4 274.0 | 320.3 | 162.7 | 320.3 | |||
Other non-current liabilities | 9.3 13.1 | 7.6 | 15.3 | 7.6 | 24.6 24.7 | 24.9 | 25.5 | 24.9 | 33.9 37.8 | 32.5 | 40.8 | 32.5 | |||
Current interest-bearing debt | 65.1 73.9 | 74.5 | 144.1 | 74.5 | 3.7 102.4 | 102.4 | 3.3 | 102.4 | 68.7 176.3 | 176.9 | 147.4 | 176.9 | |||
Current debt, right-of-use assets | 77.7 76.9 | 74.6 | 79.6 | 74.6 | 0.5 0.5 | 0.4 | 0.5 | 0.4 | 78.2 77.4 | 75.1 | 80.0 | 75.1 | |||
Other current liabilities | 90.7 116.6 | 117.1 | 82.7 | 117.1 | 21.6 21.9 | 24.2 | 29.6 | 24.2 | 111.2 138.5 | 141.3 | 110.0 | 141.3 | |||
Total equity and liabilities | 1,970.6 | 2,062.1 | 2,132.3 | 1,856.4 | 2,132.3 | 354.2 | 358.7 | 373.4 | 372.5 | 373.4 | 2,323.8 | 2,420.8 | 2,505.8 | 2,226.6 | 2,505.8 |
Cashflow from operating activities | 49.5 82.6 | 88.3 | 71.3 | 220.4 | 2.4 8.6 | 9.0 | 3.6 | 20.0 | 51.9 91.1 | 97.2 | 74.9 | 240.2 | |||
Cashflow from investment activities | (21.7) (22.5) | (45.5) | (34.6) | (89.7) | (3.7) (7.8) | (12.5) | (6.1) | (24.0) | (25.4) (30.3) | (58.0) | (40.7) | (113.7) | |||
Cashflow from financing activities | (45.2) (27.2) | (41.4) | (37.0) | (113.8) | (1.5) 4.3 | 4.7 | 0.1 | 7.5 | (46.7) (22.9) | (36.7) | (36.9) | (106.3) | |||
Net change in cash and cash equivalents | (17.4) | 32.9 | 1.4 | (0.3) | 16.9 | (2.8) | 5.1 | 1.2 | (2.4) | 3.4 | (20.2) | 37.9 | 2.5 | (2.8) | 20.2 |
Note 2 - Segment information - reconciliation of segment reporting to Group figures
The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position.
Chemical Tankers 2) | Tank Terminals | Total 1) | |||||||||||||
USD mill | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | 1Q26 2Q26 | 3Q26 | 3Q25 | YTD26 | |||
Total segment revenue | 265.4 336.1 | 327.8 | 286.7 | 929.2 | 22.5 22.4 | 22.4 | 22.9 | 67.3 | 287.9 358.0 | 349.8 | 309.6 | 995.7 | |||
Segment revenue JV's | - - | - | - | - | (22.2) (22.1) | (22.1) | (22.6) | (66.4) | (22.0) (21.2) | (21.3) | (22.4) | (64.5) | |||
Consolidated revenue in income statement | 265.4 | 336.1 | 327.8 | 286.7 | 929.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.9 | 265.9 | 336.8 | 328.5 | 287.2 | 931.1 |
Total segment EBIT | 43.9 67.4 | 56.8 | 58.8 | 168.1 | 4.4 3.8 | 4.7 | 2.8 | 12.9 | 48.3 71.2 | 61.5 | 61.5 | 181.0 | |||
Segment EBIT JV's | (0.7) (0.5) | (0.6) | - | (1.9) | (4.8) (4.1) | (4.8) | (5.1) | (13.7) | (5.5) (4.7) | (5.4) | (5.1) | (15.6) | |||
Share of net result JV's 4) | 0.5 0.4 | 0.6 | - | 1.5 | 2.3 1.8 | 2.2 | 2.6 | 6.3 | 2.8 2.2 | 2.8 | 2.6 | 7.8 | |||
Consolidated EBIT in income statement | 43.7 | 67.3 | 56.8 | 58.8 | 167.7 | 2.0 | 1.5 | 2.1 | 0.3 | 5.6 | 45.6 | 68.8 | 58.9 | 59.0 | 173.3 |
Total segment asset | 1,970.6 2,062.1 | 2,132.3 | 1,856.4 | 2,132.3 | 354.2 358.7 | 373.4 | 372.5 | 373.4 | 2,323.8 2,420.8 | 2,505.8 | 2,226.6 | 2,505.8 | |||
Segment asset 3) | (26.6) (22.3) | (17.7) | - | (17.7) | (345.4) (347.4) | (359.1) | (348.8) | (359.1) | (372.0) (369.1) | (376.0) | (348.1) | (376.0) | |||
Investment in JV's 4) | 9.4 9.8 | 10.4 | - | 10.4 | 173.4 171.1 | 176.1 | 173.0 | 176.1 | 182.8 180.9 | 186.4 | 173.0 | 186.4 | |||
Total consolidated assets in statement of financial position | 1,953.4 | 2,049.5 | 2,125.0 | 1,856.4 | 2,125.0 | 182.2 | 182.5 | 190.4 | 196.7 | 190.4 | 2,134.5 | 2,232.7 | 2,316.2 | 2,051.5 | 2,316.2 |
Total segment liabilities | 1,167.1 1,212.8 | 1,276.8 | 1,089.7 | 1,276.8 | 173.9 178.0 | 185.5 | 182.0 | 185.5 | 1,339.9 1,390.8 | 1,462.2 | 1,269.4 | 1,462.2 | |||
Segment liability 3) | (17.2) (12.4) | (7.1) | - | (7.1) | (172.1) (176.2) | (183.0) | (175.8) | (183.0) | (189.3) (188.2) | (189.5) | (175.1) | (189.5) | |||
Total consolidated liabilities in statement of financial position | 1,149.9 | 1,200.4 | 1,269.6 | 1,089.7 | 1,269.6 | 1.8 | 1.8 | 2.4 | 6.2 | 2.4 | 1,150.6 | 1,202.6 | 1,272.7 | 1,094.3 | 1,272.7 |
1) The table is shown without eliminations, therefore Total doesn't equal sum of Chemical Tankers and Tank Terminals.
2) This segment also includes «corporate».
3) Investments in joint ventures are presented according to the proportionate consolidation method in the segment reporting.
4) Investments in joint ventures are presented according to the equity method in the consolidated income statement and balance sheet.
Note 3 - Net interest-bearing liabilities
(USD mill) | 31.03.26 | 30.06.26 | 30.09.26 | 30.09.25 | 31.12.25 |
Mortgaged loans from financial institutions | 598.1 | 589.6 | 613.9 | 592.4 | 551.2 |
Financial leases and sale-lease back | 56.1 | 51.6 | 48.3 | 66.0 | 61.0 |
Unsecured bonds | 102.2 | 100.5 | 104.3 | 100.4 | 99.4 |
Lease liability, right-of-use assets | 298.5 | 335.2 | 386.1 | 240.8 | 238.9 |
Subtotal debt | 1,054.8 | 1,076.8 | 1,152.6 | 999.6 | 950.5 |
Transaction fees | (8.7) | (8.1) | (7.8) | (7.9) | (7.2) |
Total debt | 1,046.1 | 1,068.8 | 1,144.8 | 991.7 | 943.2 |
Cash and cash equivalent 1) | 131.3 | 165.3 | 165.9 | 135.9 | 148.6 |
Net debt | 914.8 | 903.5 | 978.9 | 855.8 | 794.6 |
1) Additionally available drawing facilities amounts to USD 212 million end September 2026.
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 | FY25 |
Total debt, beginning of period | 943.2 | 1,046.1 | 1,068.8 | 1,021.1 | 943.2 | 1,109.8 | 1,109.8 |
New loans, financial leases and bonds | 145.0 | - | 32.8 | 33.5 | 177.8 | 359.9 | 359.9 |
Repayment of loans, financial leases and bonds | (103.1) | (13.0) | (11.8) | (19.5) | (127.9) | (322.7) | (368.9) |
Change in debt, lease liability right-of-use assets | 59.6 | 36.7 | 51.0 | (44.9) | 147.3 | (156.0) | (158.0) |
Transaction fees amortized | (1.4) | 0.6 | 0.3 | 0.7 | (0.6) | (0.4) | 0.2 |
Currency translation differences | 2.8 | (1.7) | 3.8 | 0.9 | 4.9 | 1.2 | 0.2 |
Total debt, end of period | 1,046.1 | 1,068.8 | 1,144.8 | 991.8 | 1,144.8 | 991.8 | 943.2 |
For debt related to right-of-use assets see note 7.
As of 3Q26 we remain in compliance with our financial covenants.
Note 4 - Ships, property, plant and equipment
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Net carrying amount, beginning of period | 1,284.2 | 1,304.4 | 1,313.3 | 1,308.9 | 1,284.2 | 1,261.4 |
Investments in ships, property, plant and equipment | 10.8 | 9.6 | 7.9 | 8.4 | 28.2 | 31.3 |
Investments in newbuilding | 14.7 | 35.3 | 35.4 | - | 85.4 | - |
Purchase of former leased bareboat vessels 2) | 35.6 | - | - | 35.2 | 35.6 | 121.5 |
Depreciation | (27.0) | (25.7) | (27.1) | (26.1) | (79.9) | (77.4) |
Sale of property, plant and equipment | - | (10.3) | - | (9.0) | (24.1) | (19.4) |
Assets classified as held for sale 1) | (13.8) | - | (51.7) | - | (51.7) | - |
Net carrying amount, end of period | 1,304.4 | 1,313.3 | 1,277.7 | 1,317.5 | 1,277.7 | 1,317.5 |
1) At the end of fourth quarter 2025, four barges were classified as held for sale with book value of USD 8 million, a corresponding liability is included in other current liabilities. In first quarter 2026, only two of the barges were sold, the remaining two are still classified as held for sale. One newbuilding was classified as held for sale in first quarter 2026, this was delivered to new owners in second quarter 2026. In third quarter 2026, two vessels was classified as held for sale.
2) The cash consideration from purchase of formerly leased vessel is classified as repayment of lease debt in the cash flow statement. See footnote 2) to the cash flow statement.
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Depreciation property, plant and equipment | (27.0) | (25.7) | (27.1) | (26.1) | (79.9) | (77.4) |
Depreciation right-of-use assets | (13.1) | (16.0) | (19.1) | (13.2) | (48.2) | (42.6) |
Total depreciations | (40.1) | (41.7) | (46.2) | (39.3) | (128.1) | (120.0) |
(USD mill) 2027 2028 2029 Total
Newbuilding | 137.5 | 64.9 | 51.2 | 253.6 |
Total capex commitment | 137.5 | 64.9 | 51.2 | 253.6 |
Odfjell Group has four 40,000 dwt chemical tanker newbuilding contracts scheduled for delivery between 1Q27 and 1Q29.
In total, the capital commitment amounts to USD 253.6 million. This does not include future commitments to right-of-use assets.
Note 5 - Investments joint ventures
The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, total liabilities and equity. See note 2 for further details about joint ventures.
(USD mill) | Tank Terminals | YTD26 Chemical Tankers | Total | Tank Terminals | YTD25 Chemical Tankers | Total |
Gross revenue EBITDA EBIT | 66.5 33.5 13.7 | 22.4 21.5 1.9 | 88.9 55.0 15.6 | 66.5 32.8 14.1 | - - - | 66.5 32.8 14.1 |
Net result | 6.4 | 1.5 | 7.9 | 7.4 | - | 7.4 |
Depreciation of excess values net of deferred tax: Europe | (0.7) | - | (0.7) | (0.7) | - | (0.7) |
Total | (0.7) | - | (0.7) | (0.7) | - | (0.7) |
Non current assets Cash and cash equivalents Other current assets | 328.0 13.5 17.7 | 7.4 9.7 4.0 | 335.4 23.2 21.7 | 318.5 12.1 18.1 | - - - | 318.5 12.1 18.1 |
Total assets | 359.1 | 21.1 | 380.2 | 348.8 | - | 348.8 |
Total equity closing balance Long-term debt Other non-current liabilities Short-term debt Other current liabilities | 176.1 32.0 26.4 102.4 22.2 | 10.3 - - - 10.8 | 186.4 32.0 26.4 102.4 33.0 | 173.0 121.6 27.0 3.3 23.9 | - - - - - | 173.0 121.6 27.0 3.3 23.9 |
Total equity and liabilities | 359.1 | 21.1 | 380.2 | 348.8 | - | 348.8 |
Note 6 - Other financial items
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Changes in fair value in derivatives | 3.7 | (1.8) | 3.8 | 1.5 | 5.6 | 2.5 |
Currency gains (losses) | (2.4) | 2.2 | (5.5) | (1.0) | (5.7) | (4.1) |
Other | (0.1) | (1.6) | 0.1 | (0.3) | (1.6) | (0.8) |
Total other financial items | 1.2 | (1.2) | (1.6) | 0.3 | (1.6) | (2.3) |
Note 7 - Right-of-use assets
The Odfjell Group has a number of leases, mainly vessels under time charter and bareboat contracts, which are recognized as right-of-use assets.
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Net carrying amount, beginning of period | 227.0 | 285.7 | 321.0 | 274.7 | 227.0 | 385.4 |
New right-of-use assets | 107.3 | 51.3 | 68.0 | 3.4 | 226.7 | 8.4 |
Depreciation | (13.1) | (16.0) | (19.1) | (13.2) | (48.2) | (42.5) |
Purchase of leased vessels | (35.6) | - | - | (35.2) | (35.6) | (121.5) |
Remeasurement | - | - | - | - | - | (0.2) |
Net carrying amount, end of period | 285.7 | 321.0 | 370.0 | 229.6 | 370.0 | 229.6 |
(USD mill) | 31.03.26 | 30.06.26 | 30.09.26 | 30.09.25 | 31.12.25 |
Non current debt, right-of-use assets | 241.7 | 272.5 | 318.8 | 161.2 | 161.8 |
Current debt, right-of-use assets | 56.7 | 62.7 | 67.3 | 79.6 | 77.0 |
Total | 298.5 | 335.2 | 386.1 | 240.8 | 238.9 |
Nominal payments of time charter hire for right-of-use assets
not yet commenced (USD mill) 4Q 2026 2027 2028 2029 2030 Thereafter Total
Nominal time charter hire | 1.9 | 50.1 | 98.0 | 109.1 | 109.2 | 478.4 | 846.8 |
Total | 1.9 | 50.1 | 98.0 | 109.1 | 109.2 | 478.4 | 846.8 |
At the end of the third quarter of 2026, Odfjell Group has signed long-term time charter agreements for fourteen vessels not yet commenced. Four of the fourteen vessels include a fixed time charter hire and an additional variable element depending on earnings from those vessels. The table above includes the minimum / fixed payments for these vessels.
The table below shows how the nominal time charter hire will impact the balance sheet for Odfjell Group in the coming years. From the total nominal amount of USD
846.8 million, estimated operating expense is deducted to arrive at an estimated nominal bareboat element. We have used Odfjell Group's incremental borrowing rate at the end of the third quarter 2026 to estimate the net present value of the bareboat element. The total net present value is estimated to USD 435.7 million, of which USD 39.3 million will be capitalized in fourth quarter of 2026 upon commencement of the lease agreements.
The incremental borrowing rate at commencement of each lease contract will be used when capitalizing the right-of-use assets. This rate can differ from the estimated incremental borrowing rate estimated at the end of the third quarter 2026.
yet commenced. | 4Q 2026 | 2027 | 2028 | 2029 | Total |
Right-of-use assets addition (USD mill) | 39.3 | 243.4 | 113.7 | 39.3 | 435.7 |
Future right-of-use assets for long-term time charter hires not
Note 8 - Operating expenses
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Operating expenses right-of-use assets | (9.9) | (12.7) | (17.1) | (9.1) | (39.7) | (28.3) |
Other operating expenses | (43.5) | (41.9) | (40.9) | (41.5) | (126.3) | (128.4) |
Total | (53.4) | (54.6) | (58.0) | (50.6) | (166.0) | (156.7) |
Note 9 - Interest expenses
(USD mill) | 1Q26 | 2Q26 | 3Q26 | 3Q25 | YTD26 | YTD25 |
Interest expenses - right-of-use assets | (3.7) | (4.8) | (5.8) | (4.0) | (14.3) | (15.8) |
Other interest expenses | (11.6) | (11.9) | (12.1) | (12.9) | (35.6) | (39.0) |
Total | (15.3) | (16.7) | (17.8) | (17.0) | (49.9) | (54.8) |
Note 10 - Other operating income / expense
A distribution from an insurance-related arrangement was recognized in the second quarter of 2026. Cash proceeds of USD 1.4 million were received in the third quarter of 2026.
Note 11 - Subsequent events
Subsequent to the end of the quarter, Odfjell has concluded arrangements for two additional 40,000 dwt newbuildings from Kitanihon Shipbuilding, to be delivered on time charter in 2029. Further, Odfjell has concluded the sale of two 15-year-old coated chemical tankers, with a capital gain of USD 9.6 million and a net positive cash effect of USD 34.7 million.
Fleet list as of 30.09.2026 VESSEL TYPE | Vessel Class | CHEMICAL TANKERS | DWT | BUILT | OWNERSHIP | CBM | STAINLESS STEEL, CBM | TANKS |
Super-segregator | POLAND | Bow Sea | 44 950 | 2006 | Owned | 52 244 | 52 244 | 40 |
Super-segregator | POLAND | Bow Summer | 49 592 | 2005 | Owned | 52 252 | 52 252 | 40 |
Super-segregator | POLAND | Bow Saga | 44 950 | 2007 | Owned | 52 243 | 52 243 | 40 |
Super-segregator | POLAND | Bow Sirius | 49 539 | 2006 | Owned | 52 242 | 52 242 | 40 |
Super-segregator | POLAND | Bow Star | 49 487 | 2004 | Owned | 52 222 | 52 222 | 40 |
Super-segregator | POLAND | Bow Sky | 49 479 | 2005 | Owned | 52 222 | 52 222 | 40 |
Super-segregator | POLAND | Bow Spring | 49 429 | 2004 | Owned | 52 252 | 52 252 | 40 |
Super-segregator | POLAND | Bow Sun | 49 466 | 2003 | Owned | 52 222 | 52 222 | 40 |
Super-segregator | KVAERNER | Bow Chain | 37 518 | 2002 | Owned | 40 966 | 40 966 | 47 |
Super-segregator | KVAERNER | Bow Cardinal | 37 446 | 1997 | Owned | 41 953 | 34 674 | 52 |
Super-segregator | KVAERNER | Bow Firda | 37 427 | 2003 | Owned | 40 994 | 40 994 | 47 |
Super-segregator | KVAERNER | Bow Fortune | 37 395 | 1999 | Owned | 41 000 | 41 000 | 47 |
Super-segregator | KVAERNER | Bow Flora | 37 369 | 1998 | Owned | 41 000 | 33 721 | 47 |
Super-segregator | KVAERNER | Bow Cecil | 37 369 | 1998 | Bareboat/ Financial lease | 41 000 | 33 721 | 47 |
Super-segregator | CP 40 | Bow Hercules | 40 847 | 2017 | Owned | 44 085 | 44 085 | 30 |
Super-segregator | CP 40 | Bow Gemini | 40 895 | 2017 | Owned | 44 205 | 44 205 | 30 |
Super-segregator | CP 40 | Bow Aquarius | 40 901 | 2016 | Owned | 44 403 | 44 403 | 30 |
Super-segregator | CP 40 | Bow Capricorn | 40 929 | 2016 | Owned | 44 184 | 44 184 | 30 |
Super-segregator | CP 40 | Bow Erikson | 40 303 | 2026 | Time Charter/ Operational lease | 44 475 | 44 475 | 28 |
Super-segregator | CP 40 | Bow Tanaka | 40 303 | 2026 | Time Charter/ Operational lease | 44 479 | 44 479 | 28 |
Super-segregator | HUDONG 49 | Bow Orion | 49 042 | 2019 | Owned | 55 186 | 55 186 | 33 |
Super-segregator | HUDONG 49 | Bow Olympus | 49 120 | 2019 | Owned | 55 186 | 55 186 | 33 |
Super-segregator | HUDONG 49 | Bow Odyssey | 49 100 | 2020 | Owned | 54 175 | 54 175 | 33 |
Super-segregator | HUDONG 49 | Bow Optima | 49 042 | 2020 | Owned | 55 186 | 55 186 | 33 |
Super-segregator | HUDONG 40 | Bow Explorer | 38 236 | 2020 | Owned | 45 118 | 45 118 | 40 |
Super-segregator | HUDONG 40 | Bow Excellence | 38 235 | 2020 | Owned | 45 118 | 45 118 | 40 |
Super-segregator | TC 35 X 28 | Bow Persistent | 36 225 | 2020 | Bareboat/ Operational lease | 39 221 | 39 221 | 28 |
Super-segregator | TC 35 X 28 | Bow Performer | 35 118 | 2019 | Owned | 37 987 | 37 987 | 28 |
Super-segregator | TC 35 X 28 | Bow Prosper | 36 222 | 2020 | Bareboat/ Operational lease | 39 234 | 39 234 | 28 |
Super-segregator | TC 35 X 28 | Bow Precision | 35 155 | 2018 | Owned | 36 668 | 36 668 | 26 |
Large Stainless steel | CP 33 | Bow Harmony | 33 619 | 2008 | Bareboat/ Financial lease | 39 758 | 39 758 | 16 |
Large Stainless steel | CP 33 | Bow Compass | 33 609 | 2009 | Owned | 38 685 | 38 685 | 16 |
Large Stainless steel | CP 33 | Bow Agathe | 33 609 | 2009 | Time Charter/ Operational lease | 37 218 | 37 218 | 16 |
Large Stainless steel | CP 33 | Bow Caroline | 33 609 | 2009 | Time Charter/ Operational lease | 37 236 | 37 236 | 14 |
Large Stainless steel | CP 33 | Bow Hector | 33 694 | 2009 | Time Charter/ Operational lease | 36 639 | 36 639 | 16 |
Large Stainless steel | TC 30 X 28 | Bow Engineer | 30 087 | 2006 | Bareboat/ Financial lease | 36 970 | 36 970 | 28 |
Large Stainless steel | TC 30 X 28 | Bow Architect | 30 059 | 2005 | Bareboat/ Financial lease | 36 956 | 36 956 | 28 |
Medium Stainless steel | CP 25 | Southern Quokka | 26 077 | 2017 | Time Charter/ Operational lease | 29 049 | 29 049 | 26 |
Medium Stainless steel | CP 25 | Southern Owl | 26 057 | 2016 | Time Charter/ Operational lease | 29 048 | 29 048 | 26 |
Medium Stainless steel | CP 25 | Southern Puma | 26 071 | 2016 | Time Charter/ Operational lease | 29 055 | 29 055 | 26 |
Medium Stainless steel | CP 25 | Southern Shark | 26 051 | 2018 | Time Charter/ Operational lease | 27 112 | 27 112 | 26 |
Medium Stainless steel | CP 25 | Southern Xantis | 25 887 | 2020 | Time Charter/ Operational lease | 27 078 | 27 078 | 26 |
Medium Stainless steel | CP 25 | Bow Platinum | 26 000 | 2017 | Owned | 28 059 | 28 059 | 24 |
Medium Stainless steel | CP 25 | Bow Neon | 26 000 | 2017 | Owned | 29 041 | 29 041 | 24 |
Medium Stainless steel | CP 25 | Bow Titanium | 26 000 | 2018 | Owned | 29 006 | 29 006 | 24 |
Medium Stainless steel | CP 25 | Bow Palladium | 26 000 | 2017 | Owned | 28 051 | 28 051 | 24 |
Medium Stainless steel | CP 25 | Bow Tungsten | 26 000 | 2018 | Owned | 28 067 | 28 067 | 24 |
Medium Stainless steel | CP 25 | Bow Endeavor | 26 197 | 2011 | Owned | 27 591 | 27 591 | 18 |
Medium Stainless steel | CP 25 | Bow Cheetah | 26 029 | 2022 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
Medium Stainless steel | CP 25 | Bow Panther | 26 001 | 2022 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
Medium Stainless steel | CP 25 | Bow Lion | 26 021 | 2023 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
Medium Stainless steel | CP 25 | Bow Leopard | 26 004 | 2023 | Time Charter/ Operational lease | 27 119 | 27 119 | 26 |
Medium Stainless steel | CP 25 | Bow Lynx | 25 914 | 2024 | Time Charter/ Operational lease | 27 107 | 27 107 | 26 |
Medium Stainless steel | CP 25 | Bow Jaguar | 25 877 | 2024 | Time Charter/ Operational lease | 27 104 | 27 104 | 26 |
Medium Stainless steel | CP 25 | Bow Cougar | 25 921 | 2024 | Time Charter/ Operational lease | 27 114 | 27 114 | 26 |
Medium Stainless steel | CP 25 | Bow Tiger | 25 917 | 2024 | Time Charter/ Operational lease | 27 117 | 27 117 | 26 |
Medium Stainless steel | CP 25 | Bow Ocelot | 25 593 | 2026 | Time Charter/ Operational lease | 29 200 | 29 200 | 24 |
Medium Stainless steel | CP 25 | Bow Fighter | 25 475 | 2026 | Time Charter/ Operational lease | 28 552 | 28 552 | 24 |
Medium Stainless steel | CP 25 | Bow Fraternity | 25 475 | 2026 | Time Charter/ Operational lease | 29 610 | 29 610 | 24 |
Medium Stainless steel | CP 25 | Bow Fortitude | 25 475 | 2026 | Time Charter/ Operational lease | 28 556 | 28 556 | 24 |
Medium Stainless steel | CP 25 | Bow Mercury | 26 400 | 2022 | Time Charter/ Operational lease | 29 650 | 29 650 | 23 |
Medium Stainless steel | CP 25 | Bow Luna | 26 400 | 2022 | Time Charter/ Operational lease | 29 650 | 29 650 | 25 |
Medium Stainless steel | CP 25 | Bow Neptune | 26 537 | 2026 | Time Charter/ Operational lease | 29 922 | 29 922 | 25 |
Medium Stainless steel | CP 25 | Bow Pluto | 26 350 | 2026 | Owned | 29 643 | 29 643 | 23 |
Medium Stainless steel | CP 20 | Bow Victory | 21 193 | 2016 | Time Charter/ Operational lease | 22 167 | 22 167 | 20 |
Medium Stainless steel | CP 20 | Bow Glory | 22 354 | 2017 | Time Charter/ Operational lease | 22 240 | 22 240 | 20 |
Medium Stainless steel | CP 20 | Bow Success | 22 346 | 2017 | Time Charter/ Operational lease | 22 240 | 22 240 | 20 |
Medium Stainless steel | FLUMAR | Moyra | 19 806 | 2005 | Time Charter/ Operational lease | 22 839 | 22 839 | 18 |
Medium Stainless steel | FLUMAR | Flumar Maceio | 19 975 | 2006 | Owned | 21 713 | 21 713 | 22 |
Coated | FLUMAR | Flumar Brasil | 51 188 | 2010 | Owned | 54 344 | 0 | 12 |
Coated | MIPO | Bow Triumph | 49 622 | 2014 | Bareboat/ Financial lease | 54 595 | 0 | 22 |
Coated | MIPO | Bow Trident | 49 622 | 2014 | Bareboat/ Financial lease | 54 595 | 0 | 22 |
Coated | MIPO | Bow Tribute | 49 622 | 2014 | Owned | 54 595 | 0 | 22 |
Coated | MIPO | Bow Trajectory | 49 622 | 2014 | Owned | 54 595 | 0 | 22 |
Coated | SLS | Bow Elm | 46 098 | 2011 | Owned | 49 996 | 0 | 29 |
Coated | SLS | Bow Lind | 46 047 | 2011 | Owned | 49 996 | 0 | 29 |
Regional | OT 16-17 x 20-30 | Bow Condor | 16 121 | 2000 | Owned | 16 642 | 16 642 | 30 |
Total Chemical Tankers: | 2 664 720 | 77 | 2 920 626 | 2 526 073 | 2 195 |
DISPONENT OWNERSHIP SUMMARIZED | NUMBER | DWT | CBM | STEEL, CBM | TANKS | ||
Owned | 40 | 1 575 496 | 1 725 337 | 1 447 253 | 1 289 | ||
Time charter | 29 | 786 399 | 852 960 | 852 960 | 687 | ||
Bareboat | 8 | 302 825 | 342 329 | 225 860 | 219 | ||
Total Operated Chemical Tankers: | 77 | 2 664 720 | 2 920 626 | 2 526 073 | 2 195 | ||
CHEMICAL TANKER NEWBUILDINGS ON ORDER: CHEMICAL TANKERS | NUMBER | DWT | CBM | STAINLESS STEEL, CBM | TANKS | DELIVERY | OWNERSHIP |
Kitanihon | 2 | 40 303 | 44 475 | 44 475 | 28 | 2026-2027 | Time Charter |
Kitanihon | 4 | 40 303 | 44 475 | 44 475 | 28 | 2027-2029 | Owned |
Asakawa | 1 | 26 029 | 27 682 | 27 682 | 26 | 2026-2027 | Time Charter |
Fukuoka | 1 | 25 000 | 27 000 | 27 000 | 24 | 2026 | Time Charter |
Shin Kurushima | 2 | 25 000 | 27 000 | 27 000 | 26 | 2026-2027 | Time Charter |
Shin Kurushima | 6 | 35 000 | 39 000 | 39 000 | 28 | 2027-2029 | Time Charter |
Yamic | 2 | 49 000 | 54 800 | 0 | 21 | 2027-2028 | Time Charter |
Total newbuildings: | 18 | 650 847 | 719 132 | 609 532 | 480 | ||
FLEET CHANGES SINCE LAST QUARTER: FLEET ADDITIONS | DWT | BUILT | OWNERSHIP | CBM | STAINLESS STEEL, CBM | TANKS | |
Bow Pluto | 26 350 | 2026 | Owned | 29 643 | 29 643 | 23 | |
Bow Fortitude | 25 475 | 2026 | Time Charter/ Operational lease | 28 552 | 28 552 | 24 | |
Bow Tanaka | 40 303 | 2026 | Time Charter/ Operational lease | 44 475 | 44 475 | 28 | |
FLEET REDELIVERIES AND SALES | |||||||
N/A |
TANK TERMINALS | LOCATION | OWNERSHIP¹ | CBM | STAINLESS STEEL, CBM | NUMBER OF TANKS |
Odfjell Terminals (Houston) Inc. | Houston, USA | 51 % | 412 415 | 120 812 | 128 |
Odfjell Terminals (Charleston) LLC | Charleston, USA | 51 % | 79 243 | 0 | 9 |
Odfjell Terminals (Korea) Co. Ltd | Ulsan, Korea | 50 % | 313 710 | 15 860 | 85 |
Noord Natie Terminals NV | Antwerp, Belgium | 25 % | 500 689 | 195 332 | 258 |
Total terminals | 4 terminals | 1 306 057 | 332 004 | 480 | |
STAINLESS | SCHEDULED | ||||
PROJECTS AND EXPANSIONS TANK TERMINALS | LOCATION | CBM | STEEL, CBM | COMPLETION | |
E5 | Ulsan, Korea | 87 940 | 0 | 4Q26 | |
Tankpit-S | Antwerp, Belgium | 36 000 | 36 000 | 1Q27 | |
Total expansion tank terminals | 123 940 | 36 000 | |||
STAINLESS | NUMBER | ||||
TANK TERMINALS PARTLY OWNED BY RELATED PARTIES | LOCATION | CBM | STEEL, CBM | OF TANKS | |
Depositos Quimicos Mineros S.A. | Callao, Peru | 80 430 | 1 600 | 63 | |
Granel Quimica Ltda | Rio Grande, Brazil | 100 139 | 2 900 | 41 | |
Granel Quimica Ltda | Sao Luis, Brazil | 152 718 | 0 | 55 | |
Granel Quimica Ltda | Ladario, Brazil | 8 054 | 0 | 6 | |
Granel Quimica Ltda | Teresina, Brazil | 7 634 | 0 | 6 | |
Granel Quimica Ltda | Palmas, Brazil | 18 018 | 0 | 12 | |
Granel Quimica Ltda | Santos, Brazil | 72 140 | 0 | 26 | |
Odfjell Terminals Tagsa S.A. | Campana, Argentina | 68 668 | 10 190 | 102 | |
Terquim S.A. | San Antonio, Chile | 34 210 | 0 | 26 | |
Terquim S.A. | Mejillones, Chile | 38 870 | 0 | 9 | |
Total tank terminals partly owned by related parties | 10 terminals | 580 881 | 14 690 | 346 | |
PROJECTS AND EXPANSIONS TANK TERMINALS | STAINLESS | SCHEDULED | |||
PARTLY OWNED BY RELATED PARTIES | LOCATION | CBM | STEEL, CBM | COMPLETION | |
Granel Quimica Ltda | Santa Helena de Goias | 24 000 | 0 | 4Q26 | |
Terquim S.A. | Mejillones, Chile | 11 000 | 0 | 4Q27 | |
Total expansion tank terminals partly owned by related parties | 35 000 | 0 | |||
Grand total (incl. tank terminals partly owned by related parties) | 14 existing terminals | 1 886 938 | 346 694 | 826 | |
¹Odfjell SE's indirect ownership share |
Investor Relatio ns
Nils Jargen Selvik I Tel: +4 7 920 39 718 I E-mail: nils.jorge [email protected]
Media
Anng un Dybsla nd I Tel: +47 415 48 854 I E- mail: med [email protected]
0D FJELL SE I Conrad Mohrs veg 29 I P.O. Box 6101 15892 Bergen I Norway
Tel: +47 55 27 00 00 I E- mail: [email protected]
Contact